Nymex Gas Is Steady Today, Falling 9.5 Percent for Week on Mild Weather

New York natural gas, little changed today, tumbled more than 9 percent this week on mild weather and slack holiday demand. Gas rose 83 percent this year as a drop in production was exacerbated by hurricanes in the Gulf of Mexico.

The February contract fell as low as $10.88 per million British thermal units in early trading, matching a low set on Nov. 28 from which prices later soared 45 percent over 12 sessions. Failing to drop further may have concerned so-called short traders, who sell futures in a bet that prices will decline, spurring profits when they buy the contracts back.

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